2016 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter E - Accounting Periods and Methods of Accounting
Part II - Methods of Accounting
Subpart C - Taxable Year for Which Deductions Taken
Sec. 466 - Repealed. Pub. L. 99-514, title VIII, §823(a), Oct. 22, 1986, 100 Stat. 2373

Download PDF
Citation 26 U.S.C. § 466 (2016)
Section Name [§466. Repealed. Pub. L. 99–514, title VIII, §823(a), Oct. 22, 1986, 100 Stat. 2373]
Repeal Summary

Section, added Pub. L. 95–600, title III, §373(a), Nov. 6, 1978, 92 Stat. 2863; amended Pub. L. 96–222, title I, §103(a)(16), Apr. 1, 1980, 94 Stat. 214, related to qualified discount coupons redeemed after close of taxable year.

Editorial Notes EFFECTIVE DATE OF REPEAL

Pub. L. 99–514, title VIII, §823(c), Oct. 22, 1986, 100 Stat. 2374, provided:

"(1) In general.—The amendments made by this section [amending section 461 of this title and repealing this section] shall apply to taxable years beginning after December 31, 1986.

"(2) Change in method of accounting.—In the case of any taxpayer who elected to have section 466 of the Internal Revenue Code of 1954 [now 1986] apply for such taxpayer's last taxable year beginning before January 1, 1987, and is required to change its method of accounting by reason of the amendments made by this section for any taxable year—

"(A) such change shall be treated as initiated by the taxpayer,

"(B) such change shall be treated as having been made with the consent of the Secretary, and

"(C) the net amount of adjustments required by section 481 of the Internal Revenue Code of 1986 to be taken into account by the taxpayer shall—

"(i) be reduced by the balance in the suspense account under section 466(e) of such Code as of the close of such last taxable year, and

"(ii) be taken into account over a period not longer than 4 years."

Publication Title United States Code, 2012 Edition, Supplement 4, Title 26 - INTERNAL REVENUE CODE
Category Bills and Statutes
Collection United States Code
SuDoc Class Number Y 1.2/5:
Contained Within Title 26 - INTERNAL REVENUE CODE
Subtitle A - Income Taxes
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter E - Accounting Periods and Methods of Accounting
PART II - METHODS OF ACCOUNTING
Subpart C - Taxable Year for Which Deductions Taken
Sec. 466 - Repealed. Pub. L. 99-514, title VIII, §823(a), Oct. 22, 1986, 100 Stat. 2373
Contains section 466
Date 2016
Laws In Effect As Of Date January 6, 2017
Positive Law No
Disposition repealed
Statutes at Large References 92 Stat. 2863
94 Stat. 214
100 Stat. 2373, 2374
Public Law References Public Law 95-600, Public Law 96-222, Public Law 99-514
Disclaimer: These codes may not be the most recent version. United States may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.